Campari Improves in Q3, Destocking Efforts Impact US Results

Dear Client:   Campari net sales were down 2.8% globally on an organic basis for the nine months through September, a big improvement over H2 thanks to a strong third quarter. Indeed, global sales were up nearly 13% in Q3.  In the US, Campari eked out 0.1% growth for the nine-month period, impacted by destocking at the wholesaler level. In Q3, net sales were up about 9%, driven by strong performance of Espolon and Jamaican rums (Wray&Nephew and Appleton).  The